HELOC vs hard money lenders ?

[Salvador Gallardo]

I own a fully pay off property, this property has a market value around 200k. I would like to get a heloc on this property and start doing the BRRRR strategy or is a better idea get a hard money loan vs the heloc?

[Shaun Weekes]

Originally posted by @Salvador Gallardo:

I own a fully pay off property, this property has a market value around 200k. I would like to get a heloc on this property and start doing the BRRRR strategy or is a better idea get a hard money loan vs the heloc?

A HELOC if you qualify for one is a much better option. HML should only be used if you have poor credit or you need money in 10 days or less. You should also consider a regular conventional loan or Non-QM loan (Not sold to Fannie or Freddie) as this would give you the best rates and terms ( Fannie & Freddie ) or better terms than HM ( Non QM ) The process for both these options shouldn't take more than 21 days to fund and at absolute worst case 30 days.

I hope this helps and have a good one.